The Brazilian Ambassador to Nigeria, Ricardo Guerra de Araujo, says Brazil will soon inject 1.1 billion dollars into Nigeria’s agriculture.
The envoy said on Thursday night in an interview with newsmen in Abuja that an agreement between Brazil and Nigeria on that would be concluded by the end of October.
The ambassador spoke at a dinner to sensitize Nigerians to an agriculture programme – Agritech Nigeria – organised by the Osun Government. According to him, Brazil will help to transform Nigeria’s agriculture with the fund by establishing tractor assembly plant in Bauchi State. He said that sustainable use of tractors and modern technology for farming in Nigeria would boost productivity.
He added that mechanised agriculture would enhance value addition, food systems development and other opportunities for farmers. The ambassador said that mechanization of agriculture would reduce hard labour and labour shortages and improve timeliness of agriculture operations. According to him, it will also improve efficiency in the use of resources, enhance market access and help in mitigating climate-related hazards. “It will also keep the youth busy because they will be employed, and create development in the area where the plant is established,” he said.
He said that the package proposed by Nigeria’s Ministry of Agriculture and Rural Development would move Nigeria’s agriculture sector forward. The ambassador said that the project to be financed by the Brazilian Exim-Bank would come in three phases while the Central Bank of Nigeria would make available concessional resources through local banks.
According to the envoy, the proposed term of financing is 13 years including 10 years of repayment and two years of grace. The ambassador said that under the project, Brazil would bring agriculture equipment which would create more jobs for the Nigerian youth and stabilize the agriculture sector. Bilateral relations between Nigeria, the most populous nation in Africa, and Brazil, the largest country in Latin America, dates back to 18th century. (NAN)
The Economy of Brazil is the world’s eighth largest economy by nominal GDP and eighth largest by purchasing power parity. The Brazilian economy is characterized by a mixed economy that relies on import substitution to achieve economic growth. Brazil has an estimated US$21.8 trillion worth of natural resources which includes vast amounts of gold, uranium, iron, and timber.
As of late 2010, Brazil’s economy is the largest of Latin America and the second largest in the Americas. ″ From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world, with an average annual GDP growth rate of over 5%, with its economy in 2012 surpassing that of the United Kingdom, temporarily making Brazil the world’s sixth largest economy.
However, Brazil’s economy growth decelerated in 2013 and the country entered a recession in 2014. In 2017, however, the economy started to recover, with a 1% GDP growth in the first quarter. In the second quarter, the economy grew 0.3% compared to the same period of the previous year, officially exiting the recession.
Brazil’s economy has a gross domestic product (GDP) of R$ 6.559 trillion, or US$ 2.080 trillion nominal, according to the estimates by the International Monetary Fund (IMF), being ranked as the 8th largest economy in the world. It is the second largest in the American continent, only behind the United States’ economy. According to the report of the International Monetary Fund of 2017, Brazil is the 65th country in the world in the ranking of GDP per capita, with a value of US$ 10,019 per inhabitant.